Home |
Search |
Today's Posts |
#1
Posted to microsoft.public.excel.programming
|
|||
|
|||
Credit Card time to payoff and defered balance
How can I calculate the amount of money needed and the amount of time in
months to pay off a credit card, it I know the balance, the percentage rate (compound interest) and the monthly minimum payment (2 to 3% of the unpaid balance)? |
#2
Posted to microsoft.public.excel.programming
|
|||
|
|||
Credit Card time to payoff and defered balance
Your question is not really about programming (the subject of this discussion
group), so this probably wasn't the best place to post. Try working your way through this tutorial and it may help you understand how to use Excel to do the sort of things you're asking about: http://office.microsoft.com/training...0618311 41033 The Excel functions you'll probably want to use a =NPER(<interest rate,<payment,<balance) That will give you the number of payments (months). Note that the interest rate is per period (month), so will need to be the annual rate/12. =PV(<interest rate,<number of payments,<payment) Will return the total amount to be payed. Do the NPER first so that you have the number of payments to enter. Otherwise, nest the functions: =PV(<interest rate,NPER(<interest rate,<payment,<balance),<payment) "Mike Johnstone" wrote: How can I calculate the amount of money needed and the amount of time in months to pay off a credit card, it I know the balance, the percentage rate (compound interest) and the monthly minimum payment (2 to 3% of the unpaid balance)? |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
credit card payoff worksheet | Excel Worksheet Functions | |||
Calculating pay-off time for Credit Card? | Excel Worksheet Functions | |||
Credit Cards, time in months to payoff and payoff amount | Excel Worksheet Functions | |||
Excel macro to calc payment/payoff of credit card | Excel Programming | |||
Credit Card # | Setting up and Configuration of Excel |